Here’s how the new tax will affect Ibex 35 banks; Santander, BBVA and Caixabank, most fined

He Congress Yesterday, Thursday, he finally approved tax reform, which includes a new design for a temporary tax on banks: it turns from a property benefit into a tax, meaning that provincial treasuries and autonomous communities will be able to administer it.

In addition, a lien that has an initial term of three years will progressive rate on interest and commission margin

each subject:

• from 1% to 750 million
• from 3.5% to 1500 million
• from 4.8% to 3,000 million
• from 6% to 5,000 million
• and 7% from 5,000 million onwards.

An “extraordinary” deduction is also included when businesses reduce their return on assets below 0.7%.

Thus, Banco Santander, BBVA and Caixabank will have a 7% rate when recording income above 5 billion euros, according to calculations prepared by Europe Press by taking data on the franchises of these banks in Spain. Banco Sabadell will be taxed at a rate of 6%, while Bankinter and Unicaja will be taxed at a rate of 4.8%.

Banks promise legal battle

Regarding possible lawsuits and after Employer associations AEB and CECA have confirmed their intention to take action. In this sense, Santander and Unicaja have made it clear that they will appeal the new order, as they already did with the previous tax, which was approved for income taxation for 2022 and 2023 in the face of rising interest rates. Other structures have not yet commented on the situation.

Industry sources consulted Europe Press They argue that while they previously considered it “unconstitutional” because it was a “hidden” tax, it is now the government and its investment partners that are “recognizing it by claiming it as a tax” rather than a property benefit.

Thus, they believe that this just approved figure still does not comply with the principles of the General Tax Law on Taxes and especially economic potential, which is included in Article 31 of the Constitution.